Hanwha Makes $1.2 Billion Bid for Austal USA

South Korea’s Hanwha has made a preliminary offer worth up to $1.2 billion to acquire Austal USA, potentially giving the Korean defense giant control of one of the largest U.S. naval shipbuilders as Washington pushes to expand domestic shipbuilding capacity.

Hanwha Defense USA confirmed Monday that it submitted a preliminary, non-binding offer to acquire Austal’s U.S. operations, with any transaction subject to due diligence.

“Hanwha Defense USA has made a preliminary, non-binding offer to acquire Austal’s U.S. business,” spokesman James Hewitt said. “Hanwha has made it a priority to significantly contribute to revitalizing American shipbuilding and is exploring a range of